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2014 (1) TMI 1599 - AT - Income TaxTreatment of income Income from business and profession or STCG Held that:- The assessee has shown all the purchases under the investment portfolio - Nowhere it is provided that if the transactions are frequent and voluminous then the claim of the assessee is not allowable as short term capital gain or long term capital gain as the case may be - the gain on account of sale of shares has to be treated as short term capital gain thus, the AO is directed to treat the gain on account of sale of shares as short term capital gain. Disallowance u/s 14A of the Act r.w Rule 8D(3) of the Rules Held that:- The decision in Godrej & Boyce Mfg. Co. Ltd. Vs. DCIT [2010 (8) TMI 77 - BOMBAY HIGH COURT] followed - the Rule 8D is applicable from assessment year 2008-09 - The year under consideration is assessment year 2006-07 and Rule 8D is not applicable for the year under consideration the mater remitted back to the AO for fresh adjudication Decided partly in favour of Assessee.
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